Does your debtor have the assets to settle a balance but is refusing to make a commitment to payment? Find out how Piccadilly can use Process Serving and Statutory Demands to recover your funds without further impacting your cash-flow. 

What is a Statutory Demand?

A Statutory demand is a formal request that the debt must either be paid, or an agreement be reached to settle the debt, within 21 days (28 if the debtor is abroad). Should an agreement not be reached within that time frame, the serving of a Statutory Demand will enable you to begin bankruptcy proceedings against your debtor

What is a Process Server?

Picadilly Debt Collectors utilise process servers to hand deliver the statutory demand. When delivered by a process server, a debtor cannot protest that they did not receive the Statutory Demand in court. This also gives us a chance for the process server to discuss the debt face to face with your debtor, which in some cases can prompt a more proactive approach to resolving the debt.

How can a statutory demand recover my funds?

A Statutory demand alone does not guarantee payment. For ‘bad’ debtors (who can pay but are refusing to) the consequences of non-compliance with a Statutory Deamand – Bankruptcy – is often enough to prompt actual payment, and if that fails then we will be in a position to push forward with proceedings.

How can I serve a statuary demand?

Piccadilly Legal and Collections identify cases who would likely benefit from a stuatotry demand as part of our initial profile when a case is submitted to us. They are an option for inclusion in our bespoke debtor strategies and, as with all paths to recovery, they are issued on a no-win, no-fee basis meaning that no further damange is done to your cash flow.

To learn more about how we can recover your funds, please visit our FAQ or contact us, or if you’d like us to start getting your unpaid credit paid, you can submit a debt online.